Half of Sydney houses now sell for at least R10m

accreditation
0:00
play article
Subscribers can listen to this article
Sydney house prices posted their largest quarterly gain since 1988 in the three months to May 31.
Sydney house prices posted their largest quarterly gain since 1988 in the three months to May 31.

Over half the houses sold in Australia's most-populous city this year went for A$1 million (R10 million) or more, according to a Sydney Morning Herald report.

Data compiled by property advertising website Domain show 52% of homes and 24% of apartments sold in Sydney at that threshold or above, while a third of houses in Melbourne changed hands at similar levels, the newspaper reported.

More than 95% of homes in five areas of greater Sydney sold in the seven-figure range, the Herald said. These include Sydney's city and east, inner west, lower north shore, northern beaches and upper north shore regions.

Sydney house prices posted their largest quarterly gain since 1988 in the three months to May 31, according to data released by CoreLogic on Tuesday.

Values have been increasing as cashed-up buyers snap up high-end properties amid low interest rates and a lack of supply.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.35
-0.0%
Rand - Pound
19.81
-0.0%
Rand - Euro
17.08
-0.0%
Rand - Aus dollar
10.76
-0.0%
Rand - Yen
0.13
-0.0%
Gold
1,764.62
0.0%
Silver
25.81
0.0%
Palladium
2,467.49
0.0%
Platinum
1,038.50
0.0%
Brent Crude
73.51
+0.6%
Top 40
59,504
-1.5%
All Share
65,635
-1.4%
Resource 10
60,958
-1.7%
Industrial 25
87,956
-1.3%
Financial 15
12,995
-2.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Should government have assigned a majority shareholding in SAA to the private sector?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, It's a good decision
63% - 104 votes
Not a good move
11% - 18 votes
Too early to tell
27% - 44 votes
Vote